Iran to boost handling of oil exports from Kazakhstan
Iran will in September increase its handling of oil exports from Kazakhstan as part of a scheme in which the central
Asian state pipes oil into northern Iran and is credited for exports through the Gulf, the oil ministry said.
A spokesman for the ministry said the quantity of the oil handled by Iran's Tehran refinery would increase to 120,000
bpd in September, generating $ 240,000 a day in revenue for the Islamic republic.
Kazakhstan pays $ 2 per barrel under the deal. Iran already handles 50,000 bpd of Kazakh oil, which is piped into
Iran via the Caspian sea. The ministry said the cost of increasing the handling of Kazakh oil would be $ 171 mm,
mostly to upgrade pipelines and infrastructure.
The two countries eventually plan to raise the quantity of oil to 370,000 and possibly 500,000 mm bpd. Iran, a
founding member of OPEC currently exports 3.6 mm bpd of its own oil.
